Kucoin Labs, the investigative and investment branch of Kucoin, a cryptocurrency exchange, has initiated a $100 million fund to breed early metaverse affiliated projects. These will include blockchain gaming Initiatives, NFT platforms, and decentralized platforms among others.
Kucoin, one of the forerunner exchanges in Asia, has taken the position of the first mover to hop on the metaverse train. The investment and investigation branch of the exchange, Kucoin labs, has initiated a $100 million fund to be injected into metaverse-based initiatives, and also blockchain-based games, decentralised layouts and other related projects.
The support of Asia’s largest cryptocurrency exchange won’t be restricted to just economic incentives. These early breeding projects will also get help in the form of counselling and branding, market management, exposure, and other important aspects of creating a company.
While the firm seeks to expand this program to all regions, one of the main objectives is to increase the adoption of these new technologies in rising markets like South America and Africa. Part of these investment funds will also go into the education of the younger generation researching the concept of the metaverse.
For companies injecting funds into metaverse projects, this concept will have notable importance in the nearest future, encouraging activities and options that would be impossible today. Talking about the significance of metaverse to the future, Kucoin CEO Johnny Lyu stated:
“As the next chapter of the Internet, Metaverse is poised to change the way we work, connect, shop, entertain and have social interactions.”
Kucoin is just the latest exchange to lunge on the bandwagon of metaverse investment, with companies like Facebook (now Meta) and Microsoft which are already making configurations to include metaverse elements.
Meanwhile, Lou Yu, head of Kucoin Labs has stated that the metaverse designs a “dilemma between individual privacy protection and technological advancement.” This is why his firm would be focusing on ways of accomplishing a more privacy-friendly metaverse ecosystem.
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